AltaGas (TSE:ALA) Hits New 52-Week High – Time to Buy?

Shares of AltaGas Ltd. (TSE:ALA) reached a new 52-week high on Wednesday . The stock traded as high as C$56.24 and last traded at C$55.99, with a volume of 352918 shares changing hands. The stock had previously closed at C$54.89.

Wall Street Analysts Forecast Growth

ALA has been the topic of several analyst reports. Royal Bank Of Canada upped their price objective on AltaGas from C$50.00 to C$55.00 and gave the company an “outperform” rating in a research note on Friday, May 1st. Jefferies Financial Group upped their price objective on AltaGas from C$49.00 to C$53.00 in a research note on Monday, March 9th. JPMorgan Chase & Co. upped their price objective on AltaGas from C$49.00 to C$52.00 in a research note on Tuesday, April 14th. ATB Cormark Capital Markets upped their price objective on AltaGas from C$54.00 to C$56.00 and gave the company an “outperform” rating in a research note on Friday, May 1st. Finally, National Bank Financial upped their price objective on AltaGas from C$52.00 to C$60.00 and gave the company an “outperform” rating in a research note on Monday, June 1st. Seven investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of C$54.25.

AltaGas Stock Up 2.0%

The business’s 50 day moving average price is C$51.30 and its 200-day moving average price is C$46.27. The company has a debt-to-equity ratio of 115.95, a current ratio of 0.88 and a quick ratio of 0.44. The company has a market cap of C$17.44 billion, a P/E ratio of 34.13, a PEG ratio of -4.97 and a beta of 0.33.

AltaGas (TSE:ALA) last posted its earnings results on Thursday, April 30th. The company reported C$1.33 earnings per share (EPS) for the quarter. AltaGas had a net margin of 4.02% and a return on equity of 5.92%. The company had revenue of C$3.97 billion during the quarter. On average, analysts anticipate that AltaGas Ltd. will post 2.3006093 earnings per share for the current fiscal year.

AltaGas Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 30th will be issued a dividend of $0.334 per share. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $1.34 annualized dividend and a yield of 2.4%. AltaGas’s dividend payout ratio is currently 77.99%.

AltaGas Company Profile

AltaGas Ltd owns and operates a diversified basket of energy infrastructure businesses. Business is conducted through four segments: Midstream, power, utilities and corporate. Utility business owns and operates rate-regulated natural gas distribution assets across North America. Midstream business subsequent to the sale of non-core midstream assets in Canada and also engaged in the natural gas liquid processing and extraction, transportation, and storage. Natural gas is sold and purchased for both commercial and industrial users.